Economy

Lagos to Produce 234,000MT of Fish in 2021

Published

5 years ago

03/12/2020

By Adedapo Adesanya

The Lagos State Government said it will increase fish production by at least 60,000 metric tonnes next year to bridge the huge deficit in the sector and meet the state’s demand for fish.

The state Commissioner for Agriculture, Ms Abisola Olusanya, said this at a news conference on Thursday in Lagos to unveil the forthcoming Lagos Seafood Festival scheduled for December 13 at Muri Okunola Park, Lagos.

Ms Olusanya said that the state was currently producing about 174,000 metric tonnes of fish annually, while the current demand stood at over 400,000 metric tonnes, hence the need to address the huge deficit of over 226,000 metric tonnes.

She said that the additional 60,000 metric tonnes of fish would include both fingerlings and table size production to what already exists in Lagos.

“The target in terms of production currently is to increase our production in the post-COVID-19 economy.

“The demand for fish in Lagos is well over 400,000 metric tons and what we are producing as a state is roughly at about 174,000 metric tons, so there is a huge deficit of about 226,000 metric tons.

“In terms of the target, we just ended our five-year master plan roadmap strategy document which will be unveiled by Governor Babajide Sanwo-Olu and the plan is to cover the deficit by a certain percentage.

“Already, the Lagos Aquaculture Centre for Excellence (LACE), which was mentioned during Mr Governor’s budget reading, states that for the project alone, we should be adding over 60,000 metric tonnes of fish, both fingerlings and table size production to what exists already in Lagos.

“Outside of what we want to do with our fisher-folks in terms of them increasing production and aquaculture producers as well in terms of the support, we will like to give to them and create additional farm estates.

“We should be able to increase our fish production by at least 50,000 to 60,000 metric tonnes in the year 2021,” she said.

“For the LACE alone, it should be over 60,000 metric tons; that is obviously over a two to three-year period for the project to fully come to life. Within the first year, we should be able to get 20,000 metric tonnes.

“From our fishermen and those in the aquaculture subsector, we should be able to get a minimum of 40,000 metric tonnes extra. So, we are looking towards an additional 60,000 metric tonnes for 2021 and subsequent years,” she said.

The Commissioner also said that the state had commenced the registration of fishermen in the five divisions of the state to capture the youths, adding that the target was to register over 10,000 in the process.

“As we speak, we have partnered with some Private Financial Institutions and right now registrations are ongoing in some fishing locations in the five divisions of the state such as Ikorodu, Epe, Badagry, Lagos Island and Ikeja.

“Presently, the private financial institution is registering youths in Ikeja, we are concentrating on the youth because they will take over from the ageing fisher-folks who don’t have records and details that we can trace back to them in terms of capturing and empowerment,” Ms Olusanya noted.

She further said the 2020 edition of the seafood festival would focus on the need to harness the seafood potentials of the state in a post-COVID-19 economy.

“Lagos State is a cosmopolitan city that is synonymous with seafood production. This fact is reinforced by the depiction of fishing in the state’s Coat of Arms.

“This activity is an old-time preoccupation of Lagosians, especially those living around the coastal, estuaries and riverine areas of the state.

“A total of 8,844 registered fishermen in 164 Fishermen Cooperative Societies live in 325 fishing communities across the state, while 3,600 fish farmers and 26,500 processors have been identified in the value chain.

“The state is also home to 60 per cent of the nation’s commercial activities mixed with fashion and entertainment.

“The Lagos seafood festival provides the nexus for the celebration of the state’s aquacultural heritage in an atmosphere of commerce and entertainment,” the Commissioner noted.

Economy

Customs Street Chalks up 0.12% on Santa Claus Rally

Published

2 hours ago

25/12/2025

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.

Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.

In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.

Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.

Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.

On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.

Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.

Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.

Economy

Yuletide: Rite Foods Reiterates Commitment to Quality, Innovation

Published

2 hours ago

25/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.

In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.

Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.

“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.

He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.

Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.

“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”

Economy

Naira Appreciates to N1,443/$1 at Official FX Market

Published

2 hours ago

25/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.

Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.

At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.

Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.

This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.

Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.

Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.

As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.

The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.

Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.